Tencent is developing the popular console game 'Elden Ring' for mobile devices

Three sources said that China-based Tencent Holdings has been attempting to port the popular action role-playing game "Elden Ring" for mobile devices in an effort to find a new hit to replace its dwindling library of games.

According to the persons, the largest gaming firm in the world based on revenue purchased the game's licensing rights from Software in 2022 and assembled a team of several dozen employees to develop a prototype in the same year it invested sixteen percent in the Japanese game developer. However, they added, development has been sluggish.

At the time, Tencent kept its intentions to create a mobile version of the game a secret. "Elden Ring" is an action game in which players fight legendary monsters in a fantastical setting. It was co-developed by experienced game designer Hidetaka Miyazaki and author George R. R. Martin of "Game of Thrones."

At $60 when it was first released in 2022, the game sold roughly 20 million copies, making it the second-best-selling game globally that year. Billionaire Elon Musk is among its supporters.

Tencent originally intended for "Elden Ring" to be a premium title with a set price tag, but it is now planning to make the game free-to-play with in-app purchases, similar to the well-liked game "Genshin Impact" made by its Chinese rival miHoYo.

However, Tencent's intended business model conflicts with "Elden Ring's" design, which emphasizes a one-time purchase followed by a comprehensive experience.

Tencent has had trouble in the past getting popular console games to work on cellphones. Due to monetization issues, it abandoned a project in December that was based on the well-known "Nier" brand.

Due to plateauing gaming market growth and the possibility that a game may be barely profitable due to high royalties, Tencent has become more cautious in the past year when pursuing games based on other companies' franchises.